The decline in performance is only due to "double decrease"?Multi -business expansion of cash flow pressure, Angli education transformation is to be tested

In the first half of this year, Angli ’s education revenue and net profit performed poorly. Among them, operating income achieved 347 million yuan, a year -on -year decrease of 61.54%; net profit at home was 62.4235 million yuan, a year -on -year decrease of 63.08%

"Investment Times" researcher Lin Shen

The performance of performance and the stock price fell, what happened to Shanghai Xin Nanyang Angli Education Technology Co., Ltd. (hereinafter referred to as Angli Education, 600661.SH)?

The semi -annual report shows that in the first half of this year, Angli ’s education revenue and net profit attributable to their mother fell. Among them, operating income fell by 61.54%year -on -year, and net profit attributable to the mother decreased by 63.08%year -on -year. Regarding the main reasons that caused weak performance, and how to cope with the huge impact of policy adjustment in the future, the company's relevant person in charge told the "Investment Times" researcher that the "dual reduction 'policy and the epidemic situation repeatedly brought an impact on the company's main business. To a certain extent, it has caused the fluctuations in performance. At the same time, the company has now formed a new business pattern of vocational education, young children's education, international and basic education and college education. "

It should be noted that business transformation is not easy. According to public information, the Ministry of Education has proposed to regulate non -disciplinary off -school training management, and moderately expands the scale of enrollment in some fields in some areas, thereby promoting enterprises that promote the development of education technology, deeply cultivate quality education and vocational education segmentation tracks will be more With advantages, considering the limited scale of the industry, excessive teaching and training institutions will inevitably increase the crowding degree during the transformation process. As a result, the real effect of the business transformation is still observed.

Looking at the secondary market, the company's stock price has fallen sharply in recent years. Data show that as of the close of September 27, the company's stock price has been close at 8.03 yuan/share, which has fallen by 39%over the year. 2.301 billion yuan. From the perspective of business, the company's stock price has fallen sharply or has a great relationship with the decline in profitability. At the same time, due to the "dual reduction" policy, investors also have a wait -and -see attitude towards the company's strategic transformation.

Regarding how to view the stock price sharply and which measures will be taken in the future, it will boost investor confidence, and Angli Education told the Investment Times researcher that "the company's fluctuations are affected by various factors, and the company will actively carry out business transformation. At the same time, further clarify the development direction of various business lines, focus on the needs of customer base, upgrade the quality of teaching services, optimize the product end structure, enhance user retention and reputation, create a benign business cycle, and promote the healthy development of the company. "

Revenue net profit double drop, operating cash net flow sharp decrease

According to the company recently disclosed in the first half of the 2022 performance report, during the reporting period, the company achieved revenue of 347 million yuan, respectively, a year -on -year decrease of 61.54%; the net profit attributable to the mother was 62.4235 million yuan, a year -on -year decrease of 63.08%.

It can be seen that in the first half of this year, the company's revenue and mother's net profit fell both. In response, the researcher of the "Investment Times" consulted the relevant information noticed that the main "double reduction" policy and the Shanghai epidemic in the first half of the year were repeated. The company's main business has caused impact and impact, which has caused poor performance to some extent.

It should be noted that if the period of the period is extended and the analysis data of the first half of the year of each year, according to Wind data, from June 30, 2018 to June 30, 2022 Essence Among them, the net profit of returning mother earned was 169 million yuan in the first half of 2021, while the net loss was about 80 million yuan in the first half of 2020. At the same time, the net profit of returning mother's net profit was too large, and the highest point and the lowest point and the lowest. The difference is nearly 600 percentage points.

In addition, it is worth mentioning that the "double reduction" policy has brought a major impact on the education training industry, especially the K9 stage discipline training business, and then forced the training institution to expand the non -disciplinary training business. The operation of an enterprise constitutes a lot of pressure, especially it will adversely affect the cash flow.

Data show that due to the decrease in pre-collection tuition fees and the increase in students' refund fees, the net cash flow generated by Angli Education's business activities in the first half of 2022 was -283 million yuan, a year-on-year decrease of 288.04%.

In this regard, the company's relevant person in charge told the Investment Times that "the company's pre -collection tuition fee and the increase in students' refund fees are mainly affected by the double -reduction policy promulgated in July 2021. The company strictly strictly adjusts the business structure in accordance with the policy requirements. At present, while the company accelerates the transformation of the business, while continuously strengthening cash flow management, open source throttling, cost reduction and efficiency, optimizing the campus layout, organizational structure and personnel structure, ensuring the company's safe operation, and improving the standardized management level. Stablize."

From 2018 to 2022, the company's net profit and year -on -year growth rate in the first half of the year

Data source: Organize according to public information

There is still a certain pressure on the beach multi -field and business transformation

In the context of the "dual reduction" policy, teaching and training institutions are not only high in time and such as business adjustment and qualification acquisition in actual business, and it is also difficult to achieve.

In this regard, Guoxin Securities and other institutions have also issued a post saying "For listed companies, with the popularity and influence of the existing brand, the use of channels, manpower, outlets, R & D systems and other resources The direction of the road may be an inevitable choice to maintain the legal status of the listing subject. " From the perspective of the relevant listed companies, such as New Oriental Online (1797.HK) formed a new three main business layout of university education, institutional customers, and live e -commerce companies; Dou Shen Education (300010.SZ) launched a new art education sub -brand "Doudou "Shen Meiyu"; NYSE Group (GOTU) for adult education business; ape tutoring to launch pumpkin science and transformation of quality education.

In contrast, in terms of the transformation of Angli Education Business, public information shows that the company has established vocational education as a strategic business for the future, accelerate the development of international and basic education business, actively explores innovation K12 non -disciplinary education business, quickly deploy college students' entry, employment and skills Training business, etc. At the same time, the company has actively distributed public local and private domain live broadcasts through "own live broadcast platforms, Douyin, video numbers, etc." since 2020 to expand market enrollment, brand influence and sales of related curriculum products. Quickly promote the live broadcast and promotion of various curriculum products and businesses, and create a live education matrix.

In addition, it should be noted that the scale of quality education and vocational education is limited and the multi -category collection effect needs to be formed. Although the company actively transforms the changes in industry policies, considering the impact of policy emotions and its own transformation rhythm, the company's business is in the short term within the short term. It will still be under pressure, and the acceptance of the courses still needs to be continuously followed, which all affect the company's continuous operation and growth capabilities.

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